December 7, 2022

The global bancassurance market size reached US$ 1268.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 1802.3 Billion by 2027, exhibiting a CAGR of 5.9% during 2022-2027.

Bancassurance is a financial partnership between a bank and an insurance company that allows the bank to generate additional revenue and profit. This setup permits the sale of a wide range of insurance products, including annuities, mortgages, and health insurance and life insurance.  The use of banks as a distribution channel allows insurance companies to grow their customer base without having to hire salespeople or pay broker commissions. This also aids them in expanding their market reach while offering a high return on investment and significantly enhancing their financial portfolio.

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The global market is majorly driven by widespread consolidation in the banking sector. This is supported by the rising proportion of incremental deposits being raised by private banks, which has resulted in banking institutes in providing plans and credible solutions with better service to their customers.

Additionally, a considerable rise in the aging population that increasingly needs life and health insurance and lucrative retirement plans is expected to create a positive outlook for the market. Since this partnership between banks and insurance firms serves as a one-stop-shop solution for numerous financial requirements and offers enhanced convenience to the customers, this is anticipated to gain prominence among the masses, particularly among the elderly customers.

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The market is further driven by the introduction of mobile-based services by banks, which has enabled them to boost their digital sales. This, coupled with increasing penetration of high-speed internet connection across the globe and the continual improvements in their digital strategies, is expected to provide an impetus to the market growth. Other factors, including the shifting purchasing patterns of the masses and the growing middle-class population on the global level, are diving the market further toward growth.

Competitive Landscape:

On examining the competitive landscape of the market, it has been found that it is highly fragmented with a number of small and large players. Some of the major players operating in the market include:

Some of the key players include ABN AMRO BANK N.V. (ABN.AS), ANZ BANK FPO (ANZ.AX), Banco Bradesco Sa (BBD), The American Express Company (AXP), Banco Santander, S.A., BNP Paribas S.A., The ING Group, Wells Fargo & Company, Barclays plc, Intesa Sanpaolo S.p.A., Lloyds Banking Group plc, Citigroup Inc., Credit Agricole Group, HSBC Holdings plc, NongHyup Financial Group, Societe Generale S.A. and Nordea Group.

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Key Insights from the Report:

Breakup by Product Type:
  • Life Bancassurance
  • Non-Life Bancassurance

The report has bifurcated the market according to the product type, which includes life and non-life bancassurance. Currently, life bancassurance is the most preferred segment.

Breakup by Model Type:
  • Pure Distributor
  • Exclusive Partnership
  • Financial Holding
  • Joint Venture

The market has been segregated on the basis of the model type, which consists of pure distributors, exclusive partnerships, financial holdings and joint ventures. Amongst these, pure distributors represent the most popular model type.

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Regional Insights:
  • North America
    • United States
    • Canada
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa

On a regional basis, Europe is the biggest market for bancassurance, holding the majority of the total market share. This can be accredited to the favorable tax structure and reduced social security expenditure by governments. Other major regions include Asia Pacific, North America, Latin America, and Middle East and Africa.

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Key highlights of the report:                            

  • Market Performance (2015-2020)
  • Market Outlook (2021-2026)
  • Market Trends
  • Market Drivers and Success Factors
  • Impact of COVID-19
  • Value Chain Analysis
  • Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.